$191M financing secured for mixed-use development in North Carolina
JLL Capital Markets facilitates loan for Fenton, a premier urban village project
ATLANTA, Jan. 17, 2025 – JLL Capital Markets announced today that it has secured a $191 million senior mortgage for Fenton, a premier mixed-use development located in Cary, North Carolina.
JLL represented the borrowers, a partnership consisting of Hines, Affinius Capital and Columbia Development, in securing the loan from New York Life Real Estate Investors.
Fenton is strategically located near the intersection of Cary Towne Blvd. and I-40, which offers exceptional connectivity to the wider Raleigh-Durham-Chapel Hill area. This vibrant mixed-use development benefits from proximity to prominent employment hubs such as the Research Triangle Park and is just 15 minutes west of Downtown Raleigh.
The Raleigh-Durham Triangle area, formally known as the Research Triangle Region, is a vibrant and rapidly growing metropolitan hub home to over two million residents. It is recognized for its robust and innovation-driven economy anchored by leading universities such as Duke University, the University of North Carolina at Chapel Hill and North Carolina State University. Known for its highly-educated workforce, the area is a hotspot for technology, biotech and healthcare industries and features an attractive business environment that continues to draw significant investment and talent worldwide.
Fenton is an experiential mixed-use urban village, featuring over 246,000 square feet of retail space housing 42 diverse tenants, 183,000 square feet of modern office space and 357 multifamily units delivered in 2022-2023. Representing the largest master planned mixed-use development in Cary history, both in size and scale, Fenton features a synergistic mix of tenants that creates a compelling live-work-play environment. Fenton’s impressive tenant roster, with chef-driven restaurant concepts and practically all merchandising categories represented by preeminent national brands, makes it an essential retail and entertainment destination for the Triangle Region. The commercial component is complemented by The Allison at Fenton, a premier residential community situated atop the dynamic urban streetscape of Fenton.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Directors Chip Sykes and Vice President Kelsey Bawcombe.
"This financing underscores Fenton's standing as a transformative development within Cary and the broader Triangle area," said Sykes. "The commitment reflects confidence in the project's best in class mixed-use place making and the development teams unmatched execution abilities."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Hines
Hines is a leading global real estate investment manager, owning and operating $93 billion of assets across various property types for a diverse group of institutional and private wealth clients. With a 67-year history, Hines' 5,000 employees in 31 countries are dedicated to building the world forward through investing in, developing and managing premier real estate. For more information, visit www.hines.com and follow @Hines on social media.
About Affinius Capital
Affinius Capital, formerly USAA Real Estate and Square Mile Capital, continues its mission with the same dedicated partners, advisors, investors and stewards. The company remains true to its people, culture and investment philosophy, honoring its heritage and the sense of purpose instilled by USAA. As Affinius Capital moves forward, it is committed to serving its diversified client base with the same dedication and service.
About Columbia Development
Columbia Development is a privately held real estate development firm based in Columbia, SC, with offices in Charleston, SC and Raleigh, NC. The company specializes in developing mixed-use destinations, regional and neighborhood shopping centers, and single-tenant retail assets across the southeastern United States, with a primary focus on the Carolinas. Over the past 15 years, Columbia Development has developed over 2 million square feet of commercial and residential real estate and currently has more than 700,000 square feet under construction.